Norway Savings Bank Increases Holdings in Salesforce, Inc. (NYSE:CRM)

Norway Savings Bank increased its position in Salesforce, Inc. (NYSE:CRM) by 12.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 7,426 shares of the CRM provider’s stock after purchasing an additional 810 shares during the period. Norway Savings Bank’s holdings in Salesforce were worth $1,569,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp lifted its holdings in shares of Salesforce by 0.9% in the 1st quarter. State Street Corp now owns 45,509,345 shares of the CRM provider’s stock valued at $9,091,832,000 after purchasing an additional 391,648 shares during the last quarter. FMR LLC lifted its holdings in shares of Salesforce by 1.9% in the 1st quarter. FMR LLC now owns 36,357,722 shares of the CRM provider’s stock valued at $7,263,546,000 after purchasing an additional 695,355 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Salesforce by 0.8% in the 4th quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock valued at $2,519,719,000 after purchasing an additional 149,012 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Salesforce by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 17,749,285 shares of the CRM provider’s stock valued at $3,536,910,000 after purchasing an additional 332,375 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Salesforce by 21.3% in the 1st quarter. Wellington Management Group LLP now owns 14,134,170 shares of the CRM provider’s stock valued at $2,823,724,000 after purchasing an additional 2,481,759 shares during the last quarter. 77.52% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 1,250 shares of Salesforce stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $208.65, for a total value of $260,812.50. Following the completion of the transaction, the insider now owns 100,309 shares of the company’s stock, valued at $20,929,472.85. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Parker Harris sold 1,250 shares of the business’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $208.65, for a total transaction of $260,812.50. Following the completion of the transaction, the insider now owns 100,309 shares of the company’s stock, valued at $20,929,472.85. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $234.71, for a total transaction of $3,520,650.00. Following the transaction, the chief executive officer now directly owns 16,401,166 shares of the company’s stock, valued at approximately $3,849,517,671.86. The disclosure for this sale can be found here. Insiders sold a total of 698,191 shares of company stock valued at $152,203,804 over the last 90 days. 3.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CRM shares. Roth Capital restated a “buy” rating on shares of Salesforce in a research report on Thursday, June 1st. Truist Financial reiterated a “buy” rating and set a $275.00 target price on shares of Salesforce in a research report on Wednesday. HSBC assumed coverage on Salesforce in a research report on Friday. They set a “buy” rating and a $267.00 target price on the stock. Morgan Stanley cut Salesforce from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $251.00 to $278.00 in a research report on Monday, July 31st. Finally, UBS Group boosted their price target on Salesforce from $220.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $240.59.

Salesforce Stock Down 1.9 %

Shares of NYSE:CRM traded down $4.17 during midday trading on Friday, reaching $214.61. The company had a trading volume of 9,939,044 shares, compared to its average volume of 7,037,322. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 1.02. The stock’s fifty day moving average price is $218.24 and its 200-day moving average price is $206.41. The stock has a market capitalization of $208.82 billion, a P/E ratio of 134.97, a PEG ratio of 1.66 and a beta of 1.19. Salesforce, Inc. has a one year low of $126.34 and a one year high of $238.22.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.22. The business had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.53 billion. Salesforce had a net margin of 4.77% and a return on equity of 7.67%. The business’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 earnings per share. Equities research analysts expect that Salesforce, Inc. will post 5.86 earnings per share for the current fiscal year.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.